This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

Leading global cannabis brands are ready to go cashless and take advantage of all the opportunities offered by the BitCanna blockchain platform

AMSTERDAM, October 31, 2018 – With the current exponential growth of both the global cannabis industry and blockchain technology, there is a potential partnership that stands to benefit both. Within the cannabis industry, there is a growing demand for payment solutions, track & traceability of crops, and trust mechanisms. BitCanna is combining the best of all worlds, addressing each of these problems through the launch of its blockchain platform and associated cryptocurrency. Over the past year, a team of 20 dedicated specialists has worked in close collaboration with the cannabis industry on the development of the platform and its global expansion. A large and growing number of leading international brands have already confirmed their partnership, and on the first of November their ICO will open for interested investors.

Most banks and financial service providers still refuse to process cannabis transactions due to the large degree of regulatory uncertainty in the industry. Leading experts and entrepreneurs from both the financial and cannabis industries view this as a huge opportunity to build a global digital payment solution for cannabis retailers that can circumvent traditional financial institutions.

“Keeping up with constantly changing cannabis laws is very difficult. So banks, credit card companies, and online payment providers either refuse to get involved in cannabis, or they charge excessively high transaction fees,” according to Jan Scheele, CEO of BitCanna. “That puts companies who are selling cannabis products legally in a tricky situation — they have to figure out how to take their businesses cashless and sell online without breaking any laws. That’s where BitCanna will help.”

BitCanna is a global blockchain technology company that helps cannabis companies to go cashless securely, legally, and cost-effectively. The company claims to be able to process transactions using its BitCanna token almost instantaneously and for a fee of just a few cents. It will also let vendors manage their supply chains and record all customer identification data. It is an incremental technological breakthrough for the entire global industry.

“It doesn’t matter if it’s a $10 or $100 transaction. Our customers will pay a small flat fee,” says Scheele. “We’re introducing a payment system that will make it cost-effective and safe for all cannabis companies to accept digital payments — whether they’re selling online or in-store.”

It’s not just online retailers who can benefit from blockchain technology. Some brick and mortar cannabis retailers spend as much as 10-15% of their revenues on security and staff to upkeep a cash-only business. Providing these companies with payment processing technology can help them reduce security risks while complying with regulations.

Many industry experts believe that despite the growth we’ve seen over the past few years, the cannabis market is only just beginning to take shape. In the United States alone, the cannabis market is forecast to double from $22B in 2017 to $44B in 2020. And the global market is expected to reach $140B by 2027, according to European investment bank Bryan, Garnier & Co.

BitCanna is well-placed to benefit from this growing industry. The company will have direct integration with some of the largest online cannabis shops when it launches in Q3 2019. It will run pilots at brick and mortar locations in the cannabis capitals Amsterdam and Barcelona. BitCanna alone has already partnered with dozens of cannabis companies to create the BitCanna Alliance. Alliance members are active in 27 countries and attract a combined 10 million unique website visitors a month so far.

The company has ambitious plans to become the global digital payment solution for the cannabis industry. It will launch in Europe first and then quickly expand to the rest of the world.

About BitCanna

BitCanna is a decentralized payment network for the legal cannabis industry. The company was founded by Boy Ramsahai, a true cannabis industry veteran who founded an internationally successful cannabis media company in 1991. His Dutch-language magazines High Life and Soft Secrets are well known in the Netherlands. BitCanna has partnered with major brands in the European cannabis market to form the BitCanna Alliance. The Alliance is working to create a healthy and transparent cannabis market by securing and tracking digital transactions and implementing supply chain and customer management.

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

The World Digital Mining Summit (WDMS) hosted by Bitmain – the world’s top 10 and China’s second largest fabless chipmaker… read more.

Bitcoin.com PR

Bitcoin.com is your premier source for everything Bitcoin-related. We can help you buy bitcoins and choose a bitcoin wallet. You can also read the latest news, or engage with the community on our Bitcoin Forum. Please keep in mind that this is a commercial website that lists wallets, exchanges and other Bitcoin-related companies.

In Case You Missed It

Greta Thunberg Joins Satoshi Questioning Bank Bailouts

Saving planet Earth is a noble goal with many different dimensions. Climate change needs to be addressed vigorously as our world warms up faster than ever. Economic development needs a higher degree of financial freedom to provide everyone access to opportunities and wealth. A teenager from Scandinavia, dubbed a “next generation leader,” has once again challenged governments and politicians. “If we can save the banks, we can save the world,” Sweden’s Greta Thunberg told those who always find money to postpone the problems but often claim real solutions are too expensive… read more.

The Bitcoin.com Wallet: Available on all platforms

Download the Bitcoin.com Wallet right to your device for easy and secure access to your bitcoins. Perfect for beginners, the Bitcoin.com Wallet makes using and holding bitcoins easy. No logins required.